Registered number
02065510
Hillmarch Limited
Filleted Accounts
30 June 2023
Hillmarch Limited
Registered number: 02065510
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Current assets
Stocks 208,465 208,465
Debtors 3 6,055 1,780
214,520 210,245
Creditors: amounts falling due within one year 4 (293,620) (289,061)
Net current liabilities (79,100) (78,816)
Net liabilities (79,100) (78,816)
Capital and reserves
Called up share capital 100 100
Profit and loss account (79,200) (78,916)
Shareholder's funds (79,100) (78,816)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2024 and signed on its behalf by:
S S Dhillon
Director
The notes on pages 2 to 3 form part of these financial statements.
Hillmarch Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies.
Turnover
Turnover, which comprises rental income, is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Rental income from property is charged to profit or loss on a straight-line basis over the term of the lease.
Stocks
Stocks, represented by dealing properties, are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
1 Accounting policies (continued)
Going concern
The company’s directors have carefully considered the impact of “COVID-19” on the outlook for the next 12 months trading and longer-term impact on the business. There is uncertainty regarding the impact on the company’s tenants and uncertainty regarding the timing of receipts. The directors are satisfied that cash resources can be made available to the company, if required, from group undertakings or related party companies, to enable it to meet its financial obligations during the next 12 months. The directors are therefore confident the company will continue in operational existence notwithstanding the uncertainties noted above and the net liabilities and have prepared the accounts on a going concern basis.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Debtors 2023 2022
£ £
Amounts falling due within one year:
Amounts owed by group undertakings 1,780 -
Other debtors 4,275 1,780
6,055 1,780
Amounts owed by group undertakings are interest free and due on demand.
4 Creditors: amounts falling due within one year 2023 2022
£ £
Amounts owed to group undertakings 293,620 289,061
Amounts owed to group undertakings are unsecured and interest free.
5 Controlling party
The company is a wholly owned subsidiary of Satnam Investments Limited, whose registered office address is 17 Imperial Square, Cheltenham, GL50 1QZ. The ultimate controlling party of the company is S S Dhillon, a director of the company.
6 Other information
Hillmarch Limited is a private company limited by shares and incorporated in England. Its registered office is:
17 Imperial Square
Cheltenham
Gloucestershire
GL50 1QZ
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